Friday's Analysts' Upgrades and Downgrades

Dell (DELL Quote) 2008 estimates cut at Credit Suisse to $1.25 from $1.37 following soft Q4 results. Maintained Outperform rating.

Gap (GPS Quote) 2008 estimates lowered at Goldman to $0.80 from $1.03 after company provided weak guidance along with solid Q4 earnings. See significant hurdles for management to overcome, including bloated cost structure and consumer indifference to product lines. Maintained Sell rating and $17 target.

Limited Brands (LTD Quote) target cut at Goldman. It is reducing its price target on LTD to $29 from $32 after company failed to deliver on Q4 sales guidance. Gross margins tracked lower for the first time all year, and investments in promotions and technology also negatively contributed. Maintained Neutral rating.

Sears (SHLD Quote) 2008 estimates raised at Goldman to $10.30 from $10.05. Company posted better-than-expected Q4 earnings. See improved gross margins as continuing positive. Price target raised to $189 from $184 and maintained Neutral rating.

STRATEGY CALLS / MARKET CALLS

Merrill changes ratings on 2 Chip stocks. It downgraded ALTR from Buy to Neutral. Prefer XLNX at current levels, which was upgraded from Neutral to Buy, with a $33 price target.